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2016 (1) TMI 583 - SC - Income TaxPenalty u/s 271C - Penalty for failure to deduct tax at source - reasonable cause - ITAT and HC deleted the penalty levy - Held that:- In the present appeals we are concerned with levy of penalty u/s 271-C for which it is necessary to establish that there was contumacious conduct on the part of the assessee. We find that on similar facts Hon'ble Delhi High Court have deleted levy of penalty u/s 271-C in the cae of M/s. Itochu Corporation (2004 (5) TMI 53 - DELHI High Court) and CIT Vs. Mitsui & Company Ltd. reported in [2004 (5) TMI 17 - DELHI High Court] wherein held as reasonable cause as shown by the assessee-company has not been properly appreciated and deliberated by the lower authorities penalty cannot be confirmed . Thus allow the assessee's appeal and cancel the penalty as levied u/s 271-C - Decided against revenue
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